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News Indirect Tax-GST

  • Dec 10, 2018
  • Deadline for filing annual GST return extended to March 31

    In a move that would cheerbusiness firms and traders, the Finance Ministry has extended the due date for filing annual return by three more months.“The competent authority has decided to extend the due date for filing FORM GSTR-9, FORM GSTR-9A and FORM GSTR-9C till 31st March, 2019,” a statement issued by the Central Board of Indirect Taxes and Custom (CBIC) said, while adding that the requisite forms shall be made available on the Goods and Services Tax (GST) common portal shortly. Earlier, the last date was December 31, 2018.Various trade and industry bodies had demanded the due date be extended.

  • Dec 10, 2018
  • Decoding GST's future course in India

    GST has been a major structural reform of the current government. Replacing multiple taxes and cesses of state and central governments into a single tax has been a major relief to trade and industry. At the same time reduction in overall tax incidence has brought relief to the end-consumers. The IT driven tax filing system of GST has made it difficult for intermediaries in the value added chain to evade taxes.The movement of goods across the country has become faster and less cumbersom .The movement of goods across the country has become faster and less cumbersome with the help of a single e-way bill carried by the transporter, and because of abolition of state check posts.

  • Dec 08, 2018
  • GST collections fall short of target – Check what these charts suggest

    Revenue collections from GST in November (tax for October) stood at Rs 97,637 crore, short of the Rs 1 lakh crore monthly target set by the government. In fact, in the current fiscal, barring September, the collections have been less than the budgeted target every single month. The government had targeted a GST collection of Rs 13.5 lakh crore for the year, or Rs 1.1 lakh crore each month. To meet the annual target, the government will have to now collect Rs 1.33 lakh crore till March next year. With GST revenues well short of the budgeted targets, it is becoming challenging for the government to stick to its fiscal deficit target of 3.3% of GDP without reduction in expenditure.

  • Dec 07, 2018
  • Multiplex and theatre owners in Uttar Pradesh get relief under GST regime

    The Uttar Pradesh government has decided to refund the state goods and services tax (SGST) imposed on mutliplexes and cinema theatres. In an order, the government has allowed the owners, who were part of grants-in-aid incentive schemes, to get these refunds, which would be made within a month of depositing the SGST with the department. The incentives were given to make up for investments made by the owners in the state.

  • Dec 05, 2018
  • India Inc seeks more time for filing GST annual returns, audit reports

    With less than a month left for the deadline to file the annual GST returns and audit reports, businesses are still awaiting the online utility on the GST portal as well as more clarity on various provisions and are hoping to get an extension in the due date.Almost all registered taxpayers under the GST are required to file annual returns by December 31 in GSTR-9. Further, businesses with an annual turnover of over ?2 crore pan India also need to file an audit report under GSTR-9C by the end of this month.Trade and industry is seeking an extension till March 31, 2019, hoping that apart from the online utility, the government will also clarify on various requirements in the forms.

  • Dec 05, 2018
  • Indenting agents of foreign firms may get relief on IGST: Sources

    Indenting agents of foreign companies may get partial relief on integrated goods and services tax (IGST).Sources said that the finance ministry officials have assured the indenting agents — agents of foreign companies, who sell their products in India and overseas by charging a commission — that it will consider their demand for exempting them from IGST but only partly. IGST may not be levied on transactions, which are sold overseas.Indenting agents in the metal industry have already approached Gujarat High Court against the IGST.

  • Dec 03, 2018
  • November GST revenue collection reaches Rs. 97,637 crore

    The total gross Goods and Services Tax (GST) revenue collected in the month of November reaches Rs. 97,637 crore of which Central Goods & Services Tax (CGST) stands at Rs. 16,812 crores. The total collection reports State Goods and Service Tax (SGST) worth Rs. 23,070 crore, Integrated Goods and Services Tax (IGST) worth Rs. 49,726 crore (including Rs. 24,133crore collected on imports) and Cess calculated worth Rs. 8,031 crore (including Rs. 842crore collected on imports).

  • Dec 01, 2018
  • Govt extends deadline for filing GST TDS returns for Oct-Dec to Jan 2019

    The government has extended the due date of filing tax deducted at source (TDS) returns under GST laws for the October-December period till January 31, 2019. The TDS provisions under the goods and services tax (GST) were brought into effect from October 1, 2018. According to the Central GST (CGST) Act, the notified entities are required to collect TDS at 1% on payments to goods or services suppliers in excess of Rs 2.5 lakh. Also, states levy 1% TDS under state laws.

  • Dec 01, 2018
  • Centre, states apportion Rs 33,000 crore IGST in November

    As much as Rs 33,000 crore lying in the integrated goods and servicesNSE 0.97 % tax (IGST) pool has been apportioned between the centre and states in November. The states' share would be over Rs 16,000 crore, the official said. The apportionment would add to the goods and services tax (GST) revenue of both the centre and states for November. The total revenue collection figures for the month would be released on Saturday.

  • Nov 30, 2018
  • GST on banks' 'free services' may be passed on to customers

    Faced with the prospect of paying goods and services tax (GST) on ‘free services’ provided to customers who maintain a minimum balance in their accounts, top lenders including State Bank of India, ICICI Bank and HDFC Bank are considering passing on this cost to them. Over the past two months, the tax department has issued preliminary notices to banks seeking to levy goods and services tax on services such as issuing cheque books and additional credit cards, ATM usage and refund of fuel surcharge.

  • Nov 28, 2018
  • Bihar assembly passes GST Bill amid ruckus created by Opposition

    The state Legislative Assembly on Tuesday passed the Bihar Goods and Services Tax (Amendment) Bill, 2018 with voice vote amid pandemonium by the opposition over another issue pertaining to "deteriorating" law and order situation. The Assembly could not transact any business in both the sessions except for passage of the Bill on GST. The House proceedings lasted for eight minutes during pre-lunch session while the post-lunch session could barely run for 17 minutes.

  • Nov 28, 2018
  • GST collection: Couple of highs, but way short of Rs 12 trillion target

    The collections from goods and services tax (GST) was projected to be Rs 12 trillion in the current financial year. In other words, each month is expected to yield Rs 1 trillion from GST on an average. However, only two months — April and October — have so far hit the monthly target. In fact, average monthly target stood at Rs 970 billion in the first seven months of FY19. To meet the yearly target, each of the next five months has to yield Rs 1.107 trillion GST collections.

  • Nov 17, 2018
  • HC allows adjustment of wrong payment

    In what is seen as a major relief for GST assessees, especially dealers, the Kerala High Court has ruled that any GST mistakenly paid under one head can be adjusted under the correct head. While noting that it sees no difficulty for the tax authorities to allow the petitioner’s request and get the amount transferred from the head ‘S-GST’ to ‘I-GST’, the court said it is inequitable for the authorities to let the petitioner suffer.

  • Nov 16, 2018
  • Goods can be impounded for lapses under GST, says Kerala High Court

    Authorities impounded a car being sent by a dealer from Puducherry to Thiruvananthapuram for personal use of his customer without an e-way bill. It has to be generated if goods worth more than Rs 50,000 are transported, but is not applicable on goods for personal consumption. The matter went to the Kerala high court. The court said the vehicle could be impounded for lapses under the GST laws. But, the litigant is free to press for his arguments that it was for personal use through adjudication. However, he will have to prove the car being transported stand exempted from the rigours of the GST regime.

  • Nov 14, 2018
  • Over 2 lakh assessees who migrated from VAT regime opt out of GST net

    Over 2 lakh assessees have opted out of the Goods and Services Tax (GST) registration as their turnover is below the prescribed threshold. This will benefit both the taxpayers and the GST Network, the IT back-bone of the new indirect tax regime. These are assessees who migrated from the VAT (Value-Added Tax) regime to the GST regime. A senior Finance Ministry official told BusinessLine: “Turnover of these assessees are below the threshold of ?20 lakh (?10 lakh in some States), which means they are not required to continue under the new regime, though they think otherwise.

  • Nov 12, 2018
  • GST compensation paid to states declines to Rs 11,900 cr in Aug-Sept

    GST compensation paid to states by the Centre has declined to over Rs 11,900 crore during August-September, an official said. The bi-monthly GST compensation paid during the June-July period was Rs 14,930 crore, nearly four-fold jump from Rs 3,899 crore paid in April and May. "Over Rs 11,900 crore has been released to the states from GST compensation fund during August-September after regular and ad-hoc settlement of IGST fund," an official told PTI.

  • Nov 12, 2018
  • GST collections cross Rs 1-trillion mark for second time in FY19

    Goods and services tax (GST) collections crossed the Rs1-trillion mark for the second time in 2018-19. As seen in Chart 1, collections rose to Rs1.01 trillion in October, up from Rs944 billion in September. Collections had previously touched Rs1.04 trillion in April. The disaggregated data shows that Central GST (CGST) collections continue to remain well below state GST (SGST) collections (Chart 2). One possible explanation is that credit allowed for capital goods under the previous indirect tax regime could still be weighing down CGST collections.

  • Nov 05, 2018
  • Pending VAT comes to haunt companies claiming input tax credit

    State tax authorities have begun blocking input tax credit claims of companies that have any value-added tax (VAT) demand in the erstwhile tax regime pending against them. This has led to some worry in the industry which had hoped that input tax credit settlements in the goods and services tax (GST) regime would be seamless. Large multinational companies in some states such as Punjab, Maharashtra, Delhi and Uttar Pradesh are facing this issue.

  • Nov 05, 2018
  • Toll reimbursements attract GST, says West Bengal AAR

    Reimbursement of toll charges will attract Goods and Services Tax (GST), according to the West Bengal Authority for Advance Rulings (AAR). While there is no GST on toll, but when someone pays toll and recovers it from a company or dealer as a part of services, such reimbursement will be a part of the value of supply and hence liable to GST, according to an order by West Bengal AAR in the matter involving applicant Premier Vigilance & Security Pvt Ltd. The company provides security and transportation services to banks for ferrying cash in customised cash vans.